{"id":1004495293,"date":"2020-11-24T09:12:02","date_gmt":"2020-11-24T17:12:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004495293"},"modified":"2020-11-24T09:12:02","modified_gmt":"2020-11-24T17:12:02","slug":"rialto-sells-former-sears-in-northeastern-philly-for-29m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rialto-sells-former-sears-in-northeastern-philly-for-29m\/","title":{"rendered":"Rialto Sells Former Sears in Northeastern Philly for $29M"},"content":{"rendered":"<div id=\"attachment_1004495296\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/Great-Northern-Plaza.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004495296\" data-attachment-id=\"1004495296\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rialto-sells-former-sears-in-northeastern-philly-for-29m\/great-northern-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/Great-Northern-Plaza-e1606221898784.jpg\" data-orig-size=\"970,727\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Great Northern Plaza\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Great Northern Plaza&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/Great-Northern-Plaza-e1606221898784.jpg?w=970\" class=\"wp-image-1004495296 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/Great-Northern-Plaza-e1606221898784.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/Great-Northern-Plaza-e1606221898784.jpg 970w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/Great-Northern-Plaza-e1606221898784.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/Great-Northern-Plaza-e1606221898784.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004495296\" class=\"wp-caption-text\">Great Northern Plaza. <em>Image via Google Street View<\/em><\/p><\/div>\n<p>Rialto Capital Advisors has sold Great Northeast Plaza, a 237,151-square-foot retail asset in Philadelphia, for $28.8 million. A partnership of Abrams Realty and Development and Bock Development acquired the former Sears location in a deal brokered by Colliers Retail.<\/p>\n<p>The new owner plans to reposition the property as a new retail center, under the \u201cCourt at Cottman\u201d signature, preserving the existing three-story building. Sears Holdings Corp. closed its store at Great Northeast Plaza in 2018, when the company <a href=\"https:\/\/www.commercialsearch.com\/news\/how-sears-bankruptcy-filing-will-impact-retail-real-estate\/\">terminated more than 100 Sears and Kmart locations<\/a> across the U.S.<\/p>\n<p>The property is located at 2201 Cottman Ave., in Northeast Philadelphia and is part of a Macy\u2019s- and Target-anchored retail area adjacent to Roosevelt Boulevard. The asset sits 10 miles from Center City, while Interstate 95 is less than 3 miles away. SEPTA bus routes 58, 70 and 77 include stops at the location.<\/p>\n<p>The Colliers Retail team included Jon Kieserman and Todd Sussman, who will also be in charge of leasing efforts. Earlier this month, the brokering firm arranged the sale of a 56,000-square-foot retail center in Virginia. Rafinia Property Group <a href=\"https:\/\/www.commercialsearch.com\/news\/rafinia-buys-56-ksf-shopping-center-in-virginia\/\">purchased the asset in a $2.2 million deal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new owner plans to reposition the 237,000-square-foot property under the &#8220;Court at Cottman&#8221; label.<\/p>\n","protected":false},"author":739,"featured_media":1004507125,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,10,1494,21749],"tags":[34376,50686,32763,33028,38719],"class_list":["post-1004495293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-northeast","category-philadelphia","category-retail","tag-abrams-realty-development","tag-bock-development-group","tag-colliers-international","tag-rialto-capital-management","tag-sears"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rialto Sells Former Sears in Northeastern Philly for $29M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rialto-sells-former-sears-in-northeastern-philly-for-29m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rialto Sells Former Sears in Northeastern Philly for $29M\" \/>\n<meta property=\"og:description\" content=\"The new owner plans to reposition the 237,000-square-foot property under the &quot;Court at Cottman&quot; 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